To get one's money's worth: library management with cost data
Abstract
Purpose
The purpose of this article is to give an overview of cost accounting methods and illustrate how they can be used in a library.
Design/methodology/approach
Explains the difference between cost accounting and traditional statistics of income and expenses and shows the value of cost data to organizational decisions.
Findings
Not all libraries undertake cost accounting exercises, but they are necessary if the institution is to run smoothly and efficiently. By knowing the cost of specific tasks or services, and comparing those costs with similar services offered by other institutions, the library can better judge what services should be offered, and whether or not those services should be provided internally, or externally.
Originality/value
Cost accounting should always be seen in connection with the mission, goals and strategic planning of the library. By knowing the cost of each service provided or transaction performed, better decisions can be made on which services should be provided, and what new initiatives can be undertaken.
Keywords
Citation
Poll, R. (2006), "To get one's money's worth: library management with cost data", The Bottom Line, Vol. 19 No. 1, pp. 7-15. https://doi.org/10.1108/08880450610643016
Publisher
:Emerald Group Publishing Limited
Copyright © 2006, Emerald Group Publishing Limited